Russian aluminium tycoon Oleg Deripaska and Industry and Trade Minister Denis Manturov arrive for the talks of Russian President Vladimir Putin with South Korean President Moon Jae-in at the Kremlin in Moscow, Russia June 22, 2018. Following the review period, if Congress has not passed a resolution of disapproval, the Office of Foreign Assets Control (OFAC) can remove En+ from the sanctions list.The London Metal Exchange said that it would lift its suspension on aluminum produced by Rusal if the U.S. sanctions were removed.The restructuring agreement to reduce Deripaska’s stakes in Rusal, En+ and EuroSibEnergo will prevent Deripaska obtaining cash or receiving future dividends from the companies.His stake in En+ will fall from 70 percent to 44.95 percent. The deal also includes Swiss company Glencore, or its subsidiary, swapping shares in Rusal for a direct ownership interest in En+.Glencore declined to comment.VTB Bank, Russia’s second-largest lender, or another assignee approved by OFAC, will take ownership of a block of Deripaska’s shares in En+ pledged as collateral for outstanding obligations.Deripaska will also donate a block of shares to a charitable foundation and assign any voting rights above 35 percent of En+ shares to a voting trust. Several shareholders with professional or family ties to him will also assign their voting rights to an independent third party.As part of the agreement, half of En+’s restructured board of directors will be U.S. or UK nationals and Rusal’s current board chairman will step down. En+ will create a board of 12 directors, with eight directors independent of Deripaska, in 30 days.After the restructuring En+ will no longer be subject to sanctions and will own a 56.88 percent stake in Rusal, retaining its right to nominate Rusal’s chief executive.Deripaska will retain a direct shareholding interest in Rusal of just 0.01 percent.

Source: Egypt Today December 20, 2018 08:03 UTC